Property Listings

THE Supreme Court has finalised its hearing into whether the Hyatt group is entitled to continue managing the Hyatt Regency Coolum golf resort and spa.

However the outcome remains unknown.

The judge declared the hearing finished early last night, then retired to make a decision which he is expected to give next week.

Until then the injunction will continue which has allowed the Hyatt to keep managing the resort after it was sacked by mining billionaire owner Clive Palmer on February 21.

The judge declared an indefinite adjournment until the first creditors' meeting due March 14 after Mr Palmer removed himself as a director on February 29, the day before the hearing began, and placed Coolum Resort Pty Limited and Coeur de Lion Investments Pty Limited, the resort's owner and operating companies, into voluntary administration.

Normally in such an event the managers would move out and the administrator, in this case KordaMentha, would take full control.

That has not been possible because of the injunction that protects the Hyatt as manager.

KordaMentha cannot effect a proper administration while the Hyatt is still managing the resort. Mr Palmer is believed to have acted after being required to cover an operating loss of more than $700,000 for the busy January period.

The court heard yesterday that the administrator had still to receive a full list of creditors from the Hyatt.